The USD/JPY pair broke down during the course of the session on Wednesday, breaking below the 110 level. Because of this, if we can break down below the bottom of the range during the course of the session, we should continue to go even lower. Rallies at this point in time will more than likely attract sellers, so at that point in time we would consider selling on exhaustive candles as well. Given enough time, the market should eventually find support, but in the meantime, it looks like we aren’t seeing it quite yet.
